<\/STRONG>
![](\"javascript:openImage('\/images_upload\/small_3408.jpg');\")
<\/A>M&A l\u00e0 c\u01a1 h\u1ed9i \u0111\u1ec3 t\u00e1i c\u1ea5u tr\u00fac ng\u00e0nh m\u00eda \u0111\u01b0\u1eddng, m\u1ed9t h\u01b0\u1edbng \u0111i \u0111\u00fang
trong b\u1ed1i c\u1ea3nh hi\u1ec7n nay kh\u00f4ng ch\u1ec9 l\u00e0m t\u0103ng s\u1ee9c m\u1ea1nh m\u00e0 c\u00f2n t\u0103ng kh\u1ea3 n\u0103ng
c\u1ea1nh tranh c\u1ee7a c\u00e1c doanh nghi\u1ec7p m\u00eda \u0111\u01b0\u1eddng \u1edf ph\u1ea1m vi trong n\u01b0\u1edbc v\u00e0 n\u00e2ng l\u00ean
\u1edf t\u1ea7m khu v\u1ef1c.<\/EM><\/STRONG>
<\/FONT>
T\u1eeb nh\u1eefng th\u1ebf m\u1ea1nh ri\u00eang<\/STRONG>
Ta\u0323i thi\u0323 tr\u01b0\u01a1\u0300ng mi\u00ea\u0300n Nam, C\u00f4ng ty c\u1ed5 ph\u1ea7n \u0111\u01b0\u01a1\u0300ng Bi\u00ean Hoa\u0300 (BHS) la\u0300 doanh nghi\u00ea\u0323p v\u01a1\u0301i b\u00ea\u0300 da\u0300y v\u00ea\u0300 th\u01b0\u01a1ng hi\u00ea\u0323u tr\u00ean thi\u0323 tr\u01b0\u01a1\u0300ng v\u00e0 ca\u0301c do\u0300ng sa\u0309n ph\u00e2\u0309m cu\u0309a \u0111\u01b0\u01a1\u0300ng Bi\u00ean Hoa\u0300 \u0111a\u0303 co\u0301 ch\u00f4\u0303 \u0111\u01b0\u0301ng trong lo\u0300ng ng\u01b0\u01a1\u0300i ti\u00eau du\u0300ng h\u01a1n 40 n\u0103m qua.
Tuy nhi\u00ean, ba\u0300i toa\u0301n gia\u0301 tha\u0300nh v\u00e2\u0303n la\u0300 n\u00f4\u0303i tr\u0103n tr\u01a1\u0309 cu\u0309a BHS vi\u0300 c\u00f4ng ngh\u00ea\u0323 sa\u0309n xu\u00e2\u0301t va\u0300 vu\u0300ng nguy\u00ean li\u00ea\u0323u ch\u01b0a \u0111\u00f4\u0300ng b\u00f4\u0323 v\u01a1\u0301i nhau, co\u0301 n\u01a1i thi\u00ea\u0301u nguy\u00ean li\u00ea\u0323u kh\u00f4ng \u0111u\u0309 \u0111\u00ea\u0309 \u0111a\u0301p \u01b0\u0301ng c\u00f4ng su\u00e2\u0301t e\u0301p cu\u0309a nha\u0300 ma\u0301y va\u0300 ng\u01b0\u01a1\u0323c la\u0323i.
Hi\u00ea\u0323n nay, BHS \u0111ang ti\u00ea\u0301n ha\u0300nh \u0111\u00e2\u0300u t\u01b0, nghi\u00ean c\u01b0\u0301u va\u0300 b\u0103\u0301t \u0111\u00e2\u0300u tri\u00ea\u0309n khai nh\u01b0\u0303ng phu\u0323 ph\u00e2\u0309m ngang \u0111\u01b0\u01a1\u0300ng va\u0300 sau \u0111\u01b0\u01a1\u0300ng nh\u01b0 \u0111i\u00ea\u0323n th\u01b0\u01a1ng ph\u00e2\u0309m\u2026
Trong khi \u0111\u00f3, t\u1ea1i mi\u00ea\u0300n Trung, C\u00f4ng ty C\u1ed5 ph\u1ea7n \u0110\u01b0\u01a1\u0300ng Ninh Hoa\u0300 (NHS) v\u01a1\u0301i c\u00f4ng su\u00e2\u0301t 6.000 t\u1ea5n m\u00eda\/ng\u00e0y l\u1ea1i co\u0301 vu\u0300ng nguy\u00ean li\u00ea\u0323u kh\u00f4ng chi\u0309 \u0111\u00e1p \u1ee9ng \u0111\u1ee7 cho nhu c\u00e2\u0300u s\u1ea3n xu\u1ea5t ma\u0300 co\u0300n co\u0301 kha\u0309 n\u0103ng m\u01a1\u0309 r\u00f4\u0323ng, s\u0103\u0303n sa\u0300ng cho c\u00e1c k\u1ebf ho\u1ea1ch n\u00e2ng cao c\u00f4ng su\u1ea5t trong t\u01b0\u01a1ng lai. Trong 5 v\u1ee5 m\u00eda v\u1eeba qua, di\u1ec7n t\u00edch v\u00f9ng nguy\u00ean li\u1ec7u t\u0103ng trung b\u00ecnh 16%\/n\u0103m.
Ngoa\u0300i ra, NHS co\u0300n la\u0300 doanh nghi\u00ea\u0323p co\u0301 tri\u00ea\u0309n vo\u0323ng t\u1ed1t t\u1eeb ho\u1ea1t \u0111\u1ed9ng s\u1ea3n xu\u1ea5t \u0111i\u1ec7n. D\u1ef1 ki\u1ebfn v\u1ee5 2013 – 2014, NHS s\u1ebd \u0111\u01b0a v\u00e0o v\u1eadn h\u00e0nh nha\u0300 ma\u0301y nhi\u00ea\u0323t \u0111i\u00ea\u0323n co\u0301 quy m\u00f4 l\u01a1\u0301n nh\u00e2\u0301t trong nga\u0300nh \u0111\u01b0\u01a1\u0300ng v\u01a1\u0301i turbine co\u0301 c\u00f4ng su\u00e2\u0301t 30 MW, k\u1ebf ho\u1ea1ch s\u1ea3n l\u01b0\u1ee3ng \u0111i\u1ec7n b\u00e1n cho EVN kho\u1ea3ng 36 ngh\u00ecn Mwh\/n\u0103m. H\u01a1n th\u00ea\u0301 n\u01b0\u0303a, NHS co\u0300n li\u00ean tu\u0323c thu\u00f4\u0323c top 50 c\u00f4ng ty ni\u00eam y\u00ea\u0301t t\u00f4\u0301t nh\u00e2\u0301t do Forbes bi\u0300nh cho\u0323n.
\u0110\u1ebfn nh\u1eefng c\u00e1i b\u1eaft tay<\/STRONG>
Theo c\u00e1c chuy\u00ean gia trong ng\u00e0nh, \u0111\u00f4\u0301i v\u01a1\u0301i BHS va\u0300 NHS, vi\u1ec7c h\u1ee3p t\u00e1c M&A l\u00e0 t\u1eadn d\u1ee5ng \u0111\u01b0\u1ee3c \u01b0u \u0111i\u1ec3m c\u1ee7a c\u00e1c b\u00ean. Tr\u01b0\u1edbc h\u1ebft, s\u1ebd gi\u00fap hai b\u00ean m\u1edf r\u1ed9ng \u0111\u01b0\u1ee3c th\u1ecb ph\u1ea7n, gi\u1ea3m chi ph\u00ed s\u1ea3n xu\u1ea5t t\u1eeb vi\u1ec7c ti\u1ebft ki\u1ec7m chi ph\u00ed, t\u1ed1i \u01b0u \u0111\u01b0\u1ee3c ngu\u1ed3n l\u1ef1c nh\u00e2n s\u1ef1 gi\u1ecfi c\u1ee7a nhau t\u1eeb \u0111\u00f3 n\u00e2ng cao \u0111\u01b0\u1ee3c n\u1ed9i l\u1ef1c, s\u1ee9c m\u1ea1nh t\u00e0i ch\u00ednh \u0111\u1ec3 t\u1ea1o ra c\u00e1c gi\u00e1 tr\u1ecb gia t\u0103ng cho kh\u00e1ch h\u00e0ng v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0.
B\u00ean c\u1ea1nh \u0111\u00f3, v\u01a1\u0301i th\u00ea\u0301 ma\u0323nh v\u00ea\u0300 th\u01b0\u01a1ng hi\u00ea\u0323u va\u0300 kinh nghi\u00ea\u0323m cu\u0309a mi\u0300nh, th\u01b0\u01a1ng hi\u00ea\u0323u BHS se\u0303 la\u0300 ba\u0309o ch\u01b0\u0301ng cho ca\u0301c sa\u0309n ph\u00e2\u0309m cu\u0309a NHS, mang \u0111\u00ea\u0301n cho ng\u01b0\u1eddi ti\u00eau d\u00f9ng s\u01b0\u0323 gia t\u0103ng trong l\u1ef1a ch\u1ecdn v\u00e0 ti\u1ebft ki\u1ec7m \u0111\u01b0\u1ee3c chi ph\u00ed t\u01b0\u0300 vi\u00ea\u0323c gia\u0309m gia\u0301 tha\u0300nh sa\u0309n ph\u00e2\u0309m.
Ngo\u00e0i ra, vi\u1ec7c M&A cu\u0309a BHS va\u0300 NHS giu\u0301p n\u00e2ng cao ti\u00ea\u0300m l\u01b0\u0323c ta\u0300i chi\u0301nh, la\u0300m t\u0103ng gia\u0301 tri\u0323 doanh nghi\u00ea\u0323p, t\u0103ng v\u00f4\u0301n chu\u0309 h\u01b0\u0303u s\u01a1\u0309 h\u01b0\u0303u t\u01b0\u0300 \u0111o\u0301 C\u00f4ng ty co\u0301 \u0111\u01b0\u01a1\u0323c vi\u0323 th\u00ea\u0301 t\u00f4\u0301t h\u01a1n tr\u00ean thi\u0323 tr\u01b0\u01a1\u0300ng ch\u01b0\u0301ng khoa\u0301n. Ngoa\u0300i ra, ca\u0301c Th\u1ef1c t\u1ebf cho th\u1ea5y m\u1ed9t s\u1ed1 doanh nghi\u1ec7p m\u00eda \u0111\u01b0\u1eddng ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu tr\u00ean s\u00e0n v\u1eabn duy tr\u00ec \u0111\u01b0\u1ee3c th\u1ecb gi\u00e1 \u1ea5n t\u01b0\u1ee3ng, thay v\u00ec h\u00e0ng lo\u1ea1t m\u00e3 ch\u1ee9ng kho\u00e1n \u0111ang giao d\u1ecbch d\u01b0\u1edbi m\u1ec7nh gi\u00e1 nh\u01b0 t\u00ecnh tr\u1ea1ng hi\u1ec7n nay. Ch\u01b0a k\u00ea\u0309, \u0111\u00ea\u0301n khi hai doanh nghi\u1ec7p na\u0300y li\u00ean k\u1ebft v\u1edbi nhau s\u1ebd t\u1ea1o ra s\u1ee9c m\u1ea1nh c\u00f3 \u0111\u01b0\u1ee3c l\u1ee3i th\u1ebf c\u1ea1nh tranh v\u1edbi c\u00e1c doanh nghi\u1ec7p n\u01b0\u1edbc ngo\u00e0i, thu h\u00fat \u0111\u1ea7u t\u01b0 trong v\u00e0 ngo\u00e0i n\u01b0\u1edbc.
M&A \u0111\u01b0\u1ee3c coi l\u00e0 l\u1ef1a ch\u1ecdn kh\u00f4ng chi\u0309 mang la\u0323i l\u01a1\u0323i i\u0301ch cho doanh nghi\u00ea\u0323p ma\u0300 ng\u01b0\u01a1\u0300i n\u00f4ng d\u00e2n co\u0300n \u0111\u01b0\u01a1\u0323c h\u01b0\u01a1\u0309ng l\u01a1\u0323i t\u01b0\u0300 hoa\u0323t \u0111\u00f4\u0323ng sa\u0301p nh\u00e2\u0323p na\u0300y. V\u1edbi ti\u1ec1m l\u1ef1c ta\u0300i chi\u0301nh v\u1eefng m\u1ea1nh c\u1ee7a doanh nghi\u1ec7p, ng\u01b0\u1eddi n\u00f4ng d\u00e2n s\u1ebd \u0111\u01b0\u1ee3c quan t\u00e2m v\u00e0 h\u01b0\u1edfng nhi\u1ec1u ch\u00ednh s\u00e1ch h\u1ed7 tr\u1ee3 nh\u01b0: v\u1ed1n, v\u1eadt t\u01b0 tr\u1ed3ng m\u00eda, thanh to\u00e1n ti\u1ec1n b\u00e1n m\u00eda ngay.
\u0110\u1eb7c bi\u1ec7t, khi doanh nghi\u1ec7p t\u1eebng b\u01b0\u1edbc ch\u1ee7 \u0111\u1ed9ng v\u00f9ng nguy\u00ean li\u1ec7u sang l\u00e0m ch\u1ee7 v\u00f9ng nguy\u00ean li\u1ec7u s\u1ebd t\u1ea1o c\u00f4ng \u0103n vi\u1ec7c l\u00e0m cho m\u1ed9t l\u01b0\u1ee3ng l\u1edbn lao \u0111\u1ed9ng trong v\u00f9ng, \u0111\u1ea3m b\u1ea3o ngu\u1ed3n thu nh\u1eadp \u1ed5n \u0111\u1ecbnh v\u00e0 an sinh x\u00e3 h\u1ed9i t\u1ea1i \u0111\u1ecba ph\u01b0\u01a1ng.
C\u01a1 h\u1ed9i t\u00e1i c\u1ea5u tr\u00fac<\/STRONG>
Nh\u00ecn r\u1ed9ng ra, M&A l\u00e0 c\u01a1 h\u1ed9i \u0111\u1ec3 t\u00e1i c\u1ea5u tr\u00fac ng\u00e0nh m\u00eda \u0111\u01b0\u1eddng, m\u1ed9t h\u01b0\u1edbng \u0111i \u0111\u00fang trong b\u1ed1i c\u1ea3nh hi\u1ec7n nay kh\u00f4ng ch\u1ec9 l\u00e0m t\u0103ng s\u1ee9c m\u1ea1nh m\u00e0 c\u00f2n t\u0103ng kh\u1ea3 n\u0103ng c\u1ea1nh tranh c\u1ee7a c\u00e1c doanh nghi\u1ec7p m\u00eda \u0111\u01b0\u1eddng \u1edf ph\u1ea1m vi trong n\u01b0\u1edbc v\u00e0 n\u00e2ng l\u00ean \u1edf t\u1ea7m khu v\u1ef1c.
Khi \u0111\u00f3, c\u00e1c doanh nghi\u1ec7p se\u0303 tr\u1edf tha\u0300nh c\u00f4ng ty l\u1edbn h\u01a1n, m\u1ea1nh h\u01a1n v\u1ec1 t\u00e0i ch\u00ednh, quy m\u00f4 c\u0169ng nh\u01b0 n\u00e2ng cao v\u1ecb th\u1ebf c\u1ea1nh tranh, t\u1eeb \u0111\u00f3 mang \u0111\u1ebfn cho nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 ng\u01b0\u1eddi ti\u00eau d\u00f9ng nhi\u1ec1u gi\u00e1 tr\u1ecb gia t\u0103ng. V\u00e0 4 \u0111\u1ed1i t\u01b0\u1ee3ng \u0111\u01b0\u01a1\u0323c l\u1ee3i l\u01a1\u0301n trong ho\u1ea1t \u0111\u1ed9ng n\u00e0y g\u00f4\u0300m: kha\u0301ch ha\u0300ng, doanh nghi\u1ec7p, n\u00f4ng d\u00e2n, nh\u00e0 \u0111\u1ea7u t\u01b0.
M\u1ed9t s\u1ed1 chuy\u00ean gia cho r\u1eb1ng b\u00ean c\u1ea1nh chi\u1ebfn l\u01b0\u1ee3c t\u0103ng tr\u01b0\u1edfng doanh nghi\u1ec7p m\u00eda \u0111\u01b0\u1eddng mang t\u00ednh t\u00edch c\u1ef1c, t\u00edch h\u1ee3p s\u1ee9c m\u1ea1nh theo nhi\u1ec1u chi\u1ec1u \u0111\u1ec3 t\u1ea1o th\u00e0nh nh\u1eefng doanh nghi\u1ec7p l\u1edbn, \u0111\u1ee7 s\u1ee9c c\u1ea1nh tranh v\u1edbi n\u01b0\u1edbc ngo\u00e0i, th\u00ec ph\u00eda sau nh\u1eefng l\u1ee3i \u00edch c\u1ee7a doanh nghi\u1ec7p, c\u00e1c th\u01b0\u01a1ng v\u1ee5 M&A c\u00f2n mang l\u1ea1i l\u1ee3i \u00edch cho ng\u01b0\u1eddi ti\u00eau d\u00f9ng vi\u0300 ha\u0300ng hoa\u0301 co\u0301 ti\u0301nh ca\u0323nh tranh h\u01a1n, cho n\u00f4ng d\u00e2n vi\u0300 nh\u00e2\u0323n \u0111\u01b0\u01a1\u0323c ca\u0301c chi\u0301nh sa\u0301ch h\u00f4\u0303 tr\u01a1\u0323 t\u00f4\u0301t h\u01a1n.
Tuy nhi\u00ean, \u0111\u00ea\u0309 la\u0300m \u0111\u01b0\u01a1\u0323c \u0111i\u00ea\u0300u \u0111o\u0301 kh\u00f4ng pha\u0309i \u0111\u01a1n gia\u0309n vi\u0300 nh\u1eafc \u0111\u1ebfn M&A la\u0300 \u0111\u00f2i h\u1ecfi s\u1ef1 h\u1ee3p t\u00e1c cao c\u0169ng nh\u01b0 n\u0103ng l\u1ef1c qu\u1ea3n tr\u1ecb, \u0111i\u1ec1u h\u00e0nh gi\u1eefa c\u00e1c b\u00ean, \u0111\u1ec3 M&A kh\u00f4ng ch\u1ec9 \u0111\u01a1n thu\u1ea7n l\u00e0 t\u0103ng quy m\u00f4 ho\u1ea1t \u0111\u1ed9ng doanh nghi\u1ec7p m\u00e0 th\u1ef1c s\u1ef1 ph\u00e1t huy s\u1ee9c m\u1ea1nh c\u1ee7a c\u00e1c b\u00ean v\u1ec1 nh\u00e2n s\u1ef1, c\u00f4ng ngh\u1ec7, v\u00f9ng nguy\u00ean li\u1ec7u, th\u1ecb tr\u01b0\u1eddng, th\u1ecb ph\u1ea7n\u2026, t\u1eeb \u0111\u00f3 \u0111\u01b0a l\u1ea1i \u0111\u1ed9ng l\u1ef1c ph\u00e1t tri\u1ec3n m\u1edbi cho ng\u00e0nh c\u00f4ng nghi\u1ec7p m\u00eda \u0111\u01b0\u1eddng.
<\/FONT> Theo Ph\u01b0\u1ee3ng V\u0169
VnEconomy (ng\u00e0y 16\/6\/2014)<\/FONT><\/EM><\/STRONG><\/P><\/p>\n","protected":false},"excerpt":{"rendered":"
B\u1ed1i c\u1ea3nh ng\u00e0nh c\u00f4ng nghi\u1ec7p m\u00eda \u0111\u01b0\u1eddng hi\u1ec7n nay \u0111ang m\u1edf ra nh\u1eefng c\u01a1 h\u1ed9i \u201cng\u1ecdt ng\u00e0o\u201d cho c\u00e1c th\u01b0\u01a1ng v\u1ee5 M&A. M&A l\u00e0 c\u01a1 h\u1ed9i \u0111\u1ec3 t\u00e1i c\u1ea5u tr\u00fac ng\u00e0nh m\u00eda \u0111\u01b0\u1eddng, m\u1ed9t h\u01b0\u1edbng \u0111i \u0111\u00fang trong b\u1ed1i c\u1ea3nh hi\u1ec7n nay kh\u00f4ng ch\u1ec9 l\u00e0m t\u0103ng s\u1ee9c m\u1ea1nh m\u00e0 c\u00f2n t\u0103ng kh\u1ea3 n\u0103ng c\u1ea1nh tranh […]<\/p>\n","protected":false},"author":2,"featured_media":20628,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[65],"tags":[],"_links":{"self":[{"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=\/wp\/v2\/posts\/20631"}],"collection":[{"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20631"}],"version-history":[{"count":0,"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=\/wp\/v2\/posts\/20631\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=\/wp\/v2\/media\/20628"}],"wp:attachment":[{"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}